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Physical Control

You can safeguard your assets by good administration but you also need physical control.

Besides the other more administrative control mechanisms you could also safeguard your assets by physical control.

You could buy a strong safe to keep cash, cheques, legal documents etc. At least use a safe place.

If you often hold large sums of cash you should consider a strong safe. Alternatively go to the bank daily and deposit the money.

Securing sufficient insurance cover is a way of safeguarding the assets you already have acquired. Go through your assets and evaluate whether you will take the risk of losing it. If not you can take out an insurance.

You could have the following assets insured:

• Inventory - all risk cover of the content in the buildings
• Buildings - cover for fire, storm, flood damage etc.
• Vehicle - cover for theft, damage etc. of cars and other vehicle
• Employers liability - claims from workers who had an accident
• Public liability - covers injury, loss and damage made by company staff towards others

Management and control of fixed assets

You should implement a system for control and management of your fixed assets. Little by little, you - or more precise your company - become the owner of cars, computers, office equipment, nice modern lamps, stock of papers and pencils, office chairs etc.

If these assets are not managed properly they will loose value because of lack of maintenance. They could also be stolen.

Draw up a list - an Assets Register - and make a policy on how to check up on your assets.

Probably the best advice I ever got in my life was from the head of the accounting department, Mr. Hutchinson, I believe at the Glidden Company in Chicago, and he told me: You really aren´t cut out for accounting.
- Bob Newhart, American stand-up comedian